Set Up Expense Claim Ratios

What is a business expense claim ratio?

Prosaic is designed to scan a range of personal bank, card and loan accounts, to identify common business eligible expenses, which can be claimed for tax deductions.

Often when making business expenses on personal cards, only a percentage of that transaction is actually eligible to claim for business purposes. For example,

• if you conduct business out of an office at home, then a percentage of your household bills, rent and other costs can be claimed as a business expense and deducted from income and GST tax.
• If you use a mobile phone or internet connection for both business and personal reasons, you may be eligible to claim a percentage of that
• If you use a private motor vehicle for business purposes

Its important to check with your accountant or tax advisor what is the right ratio for you to claim on any expense. There are some helpful guides on the Inland Revenue website too.

Set your home office expense claim ratio

Answer a few quick questions and Prosaic will help you determine the correct claim ratio for any home office expenses it detects - things like utility bills, rent or mortgage interest payments.

Don't worry if you get this wrong, you or your accountant and change this any time later.

Its also possible to override default percentages on any transaction or group of transactions

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